Chinese Hunan Police Bust $170 Million Virtual Currency Laundering Case, Arrest 15 Suspects

BlockBeats News, September 2nd, according to the official WeChat account of the Hunan Public Security Bureau, the Yueyang police successfully cracked a major virtual currency money laundering case. The criminal gang used "blockchain over-the-counter trading businesses" as a cover, attracting "mules" to provide bank accounts at a price that was 0.8 yuan higher than the market price of each USDT, to provide a money laundering channel for overseas online gambling, telecommunication fraud, and other illegal funds.

Since July 2024, the gang has built a four-level money laundering network, handling approximately 170 million yuan of illegal funds in total. The gang illegally profited more than 1 million yuan, operating across more than 20 provinces and cities nationwide. Currently, the police have arrested 15 criminal suspects, and the case is under further investigation.